Daily SumUp

Ghana has banned all foreigners from trading in its local gold market as part of efforts to boost national revenue and streamline the country's mining sector.

It follows the enactment of a new law earlier this month that grants exclusive authority of gold mining to a new state body, the Ghana Gold Board (GoldBod).

"All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025," said GoldBod spokesperson Prince Kwame Minkah in a statement.

Ghana is Africa's largest gold producer and the sixth largest in the world, but it is struggling to address widespread illegal gold mining, locally called "galamsey".

The mineral-rich West African country has been facing harsh economic times with a high cost of living. It is the world's second largest cocoa producer but sees little of the profits from chocolate.

Fuelled by rising gold prices and youth unemployment, illegal gold mining has been growing in Ghana, despite military operations to shut down galamsey activities. It was a big campaign issue in the lead up to last December's elections.